Stable coin compliance core: 1:1 full reserve+80% high liquidity assets

1、 1:1 full reserve: the underlying cornerstone of rigid redemption

1: Anchor requirement refers to the requirement that the total face value of stablecoins in circulation must always be exactly equal to the market value of reserve assets, and reserve assets must be revalued daily according to the "mark to market" principle to ensure full coverage of all redemption needs.

Core rule: For every 1 unit of stablecoin issued, there is a corresponding reserve of 1 unit of high liquidity assets of equivalent value. The "partial reserve" model is prohibited, and reserve assets cannot be used for the issuer's daily operations, investments, or collateral refinancing.

Isolation custody: Reserve assets must be physically isolated from the issuer's own funds and held by licensed banks or independent third-party custodians recognized by regulators to prevent misappropriation and confusion risks.

Transparent disclosure: The issuer is required to publicly disclose the details of its reserve assets, market value, and liquidity comparison on a daily basis, and undergo independent audits on a regular basis to ensure the authenticity, adequacy, and traceability of its reserves.

2、 80% high liquidity assets: a safety cushion for quick redemption

The proportion of highly liquid assets ≥ 80% is the key to ensuring that stablecoins can be quickly and fully redeemed in extreme markets with T+0/T+1. Regulatory requirements have strict limitations on asset types:

（1） List of compliant high liquidity assets (mainstream regulatory caliber)

Cash category: legal tender cash, central bank reserves, licensed bank current/three-month term deposits.

Sovereign bonds: short-term treasury bond denominated in anchor currency, maturing within 93 days (3 months), central bank bills (zero credit risk, active trading in the secondary market).

Money market instrument: repurchase agreement of treasury bond due within 7 days, government money market fund that only invests in the above assets.

（2） Remaining 20% asset limit

The remaining reserve assets of ≤ 20% can only be allocated to high-quality assets with extremely low risk and high liquidity (such as sovereign bonds due within one year, AAA level short-term financial bonds). It is strictly prohibited to allocate high volatility or low liquidity assets such as stocks, high-yield bonds, commercial paper, real estate, and cryptocurrency.

3、 Regulatory Implementation: Taking Hong Kong's Stablecoins Ordinance as an Example (effective from August 2025)

As the world's first comprehensive stablecoin regulatory framework, Hong Kong has refined the above requirements into executable rules:

Reserve composition: at least 80% is cash, HKD/USD treasury bond due within three months, the remaining 20% is sovereign bonds due within one year, and 100% is high liquidity zero risk assets.

Custody and Audit: The reserves are independently held by licensed banks in Hong Kong, audited and publicly disclosed daily to ensure unconditional redemption at face value within T+1 days.

Admission threshold: The issuer's paid up share capital is ≥ HKD 25 million, the core team is based in Hong Kong, and pure technology enterprises are not allowed to apply for issuance licenses separately.